Reg 29(1) disclosure from M/s Alrick construction private limited
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Alrick Constructions Private Limited has disclosed the acquisition of 20,00,000 convertible warrants of Afloat Enterprises Ltd (formerly Adishakti Loha and Ispat Ltd) on a preferential basis, effective May 8, 2025. These warrants represent 25% of the company's total diluted share capital (calculated on 80 lakh total warrants allotted). Before this, Alrick held zero shares or warrants in the company. The acquirer has explicitly stated it does not belong to the promoter or promoter group. The total equity share capital of the company stands at 45,58,000 shares of Rs. 10 each. These warrants will rank pari-passu with existing equity shares upon conversion.
A non-promoter entity acquiring warrants equivalent to 25% of diluted capital is a significant change in the shareholder base and may bring in a new strategic investor. Shareholders should watch for any further announcements about the identity and intent of this acquirer, as conversion of these warrants could materially dilute existing holdings.